Question

You earn $420 per week. You pay social security taxes of 7.65%, federal taxes of 22%, and state taxes of 5.95%. What is your take home pay?

Answer 1

If you would like to know what is your take home pay, you can calculate this using the following steps:

social security taxes: $420 - 7.65% * $420 = 420 - 7.65/100 * 420 = $387.87
federal taxes: $387.87 - 22% * $387.87 = 387.87 - 22/100 * 387.87 = $302.54
state taxes: $302.54 - 5.95% * $302.54 = 302.54 - 5.95/100 * 302.54 = $284.54

Your take home pay would be $284.54.